How the Senate tax bill affects rich and poor, in three charts | PBS NewsHour

the charts represent general examples which often do not translate into actual tax consequences for individuals.

also the CBO notorious for being wrong with their predictions.

Also a number of senators are demanding "triggers' be added to the tax bill so that if prediction prove wrong and the tax cuts re-configured. This is not a good idea because corporation look for certainty when planning and to say 5 years down the road corporate taxes are going back up won't wash

Personal Best Regards:

Originally Posted by Guest

the charts represent general examples which often do not translate into actual tax consequences for individuals.

also the CBO notorious for being wrong with their predictions.

Also a number of senators are demanding "triggers' be added to the tax bill so that if prediction prove wrong and the tax cuts re-configured. This is not a good idea because corporation look for certainty when planning and to say 5 years down the road corporate taxes are going back up won't wash

Personal Best Regards:

The National Tax Journal in 1988 concluded that short-run projections from the CBO do not contain bias. A 2000 report comparing the forecasting of the CBO and the Federal Reserve Board concluded that, "The most accurate forecasting is done by the CBO, with the Fed a close second." On average, between 1982 and 2014, the CBO overestimated two-year revenue forecasts by 1.1 percent and six-year projections by about 5.3 percent.*politifact*

What has been its track record?

Although there’s no comprehensive measure on the hundreds of cost estimates on bills it does every year, the CBO’s analyses and forecasting are regarded as good or better than others doing similar work.

It’s true that on economic forecasting, the CBO in recent years has been overly optimistic about growth while underestimating the rate of job creation, but so was almost every other private forecaster. And economists say that the CBO’s economic projections generally compare favorably against other outfits, and its long-term budget estimates have been fairly accurate.

“While no individual or organization can perfectly predict the future, the CBO has a long history of providing credible and impartial estimates based on the center of a range of likely outcomes,” said Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget. “CBO is our nation’s fiscal referee and should be respected even if you do not like the call.”*LATIMES*

"Republicans have made a very big deal pitching their tax reform plan as an elixir for economic growth.
But a new nonpartisan analysis of the Senate tax bill suggests that while it will spur some additional economic growth, it won't be nearly enough to compensate for the full cost of the bill's provisions, which include tax cuts for businesses and individuals.
The Joint Committee on Taxation, the Congressional scorekeeper for tax bills, estimates that the Senate tax bill could generate enough growth to create nearly $408 billion in net new revenue over a decade. But even with that additional revenue, the bill would still add an estimated $1 trillion to deficits.

JCT's macroeconomic analysis -- also known as a dynamic score -- falls far short of Treasury Secretary Steven Mnuchin's oft-made claim that the proposed tax cuts will pay for themselves."

Even with growth, the Senate tax bill still adds $1 trillion to deficits - Nov. 30, 2017

Originally Posted by Guest

the charts represent general examples which often do not translate into actual tax consequences for individuals.

also the CBO notorious for being wrong with their predictions.

Also a number of senators are demanding "triggers' be added to the tax bill so that if prediction prove wrong and the tax cuts re-configured. This is not a good idea because corporation look for certainty when planning and to say 5 years down the road corporate taxes are going back up won't wash

Personal Best Regards:

The Joint Committee on Taxation, the group scoring this senate tax bill, and showing despite what they say will increase the deficit by ONE TRILLION...

That Committee is a group the GOP has wanted to score..it is not the CBO...it is the absolute favorite of the Republicans. For about 40 years they push this group

I am in favor of the tax cuts!

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Originally Posted by Guest

I am in favor of the tax cuts!

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You support lying and deceit....of course you do.

You would support ANYTHING Trump wants...hmmm

I usually love discussing tax bills, because I always learn from others since this is a weak spot for me, but having you post such deep well thought posts as you just did upis simply breathtaking.

Are you a full time troll or just part time ?

Originally Posted by Rockface

You support lying and deceit....of course you do.

You would support ANYTHING Trump wants...hmmm

I usually love discussing tax bills, because I always learn from others since this is a weak spot for me, but having you post such deep well thought posts as you just did upis simply breathtaking.

Are you a full time troll or just part time ?

No, I just support tax cuts.
My healthcare has increased from $750 A month to $1350 A month. I am a 54 year old with no health issues. The money I save in taxes will help me cover my healthcare costs.
Tax increases have done nothing towards getting people off handouts...I am tired of the handouts that are just holding people back in life. Work or starve!

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Originally Posted by Guest

No, I just support tax cuts.
My healthcare has increased from $750 A month to $1350 A month. I am a 54 year old with no health issues. The money I save in taxes will help me cover my healthcare costs.
Tax increases have done nothing towards getting people off handouts...I am tired of the handouts that are just holding people back in life. Work or starve!

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Tax cuts will do nothing but raise the deficit. The money will still be spent. There will be no recovery because the country has passed the minority majority milestone. There's nobody to spur growth...half the country collects government benefits. How do you expect growth when half the country doesn't produce?

Originally Posted by Don Baldwin

Tax cuts will do nothing but raise the deficit. The money will still be spent. There will be no recovery because the country has passed the minority majority milestone. There's nobody to spur growth...half the country collects government benefits. How do you expect growth when half the country doesn't produce?

I see your point as demonstrated, but still have hope for responsible spending. The deficit needs to be addressed by cutting handouts to the people that have not been motivated enough to support themselves, not by increasing taxes paid by those that have worked to make the money. Work or starve...

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Originally Posted by Guest

I see your point as demonstrated, but still have hope for responsible spending. The deficit needs to be addressed by cutting handouts to the people that have not been motivated enough to support themselves, not by increasing taxes paid by those that have worked to make the money. Work or starve...

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What about the KIDS...what are you going to do about them? Throw children into the streets? Starve them? We spent over a $ trillion each year on welfare...we CAN'T keep doing it. We need to sterilize them. Stop THEM from breeding.

Originally Posted by Guest

I see your point as demonstrated, but still have hope for responsible spending. The deficit needs to be addressed by cutting handouts to the people that have not been motivated enough to support themselves, not by increasing taxes paid by those that have worked to make the money. Work or starve...

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Yet this is the tax "reform" bill the "conservatives" give us.

Originally Posted by Don Baldwin

What about the KIDS...what are you going to do about them? Throw children into the streets? Starve them? We spent over a $ trillion each year on welfare...we CAN'T keep doing it. We need to sterilize them. Stop THEM from breeding.

I was not addressing the children, but I also feel starving children might motivate the majority of the lazy. If someone else is feeding your children, your not concerned about providing for them, and your not concerned about how many mouths you can feed.

I don't agree with your sterilization suggestion. That has been offered to the poor for years from the liberals (free birth control, free abortion) and it has done nothing toward reducing the number of people below the poverty level. The poor don't care because they have no worries.

This country has helped nobody with the handouts, they just keep holding people back in life...we have 3rd generations living in public housing, none of them was motivated enough to support themselves. The CULTURE has to be changed, it should not be looked upon as anything other than a failure.

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Originally Posted by Guest

I was not addressing the children, but I also feel starving children might motivate the majority of the lazy. If someone else is feeding your children, your not concerned about providing for them, and your not concerned about how many mouths you can feed.

I don't agree with your sterilization suggestion. That has been offered to the poor for years from the liberals (free birth control, free abortion) and it has done nothing toward reducing the number of people below the poverty level. The poor don't care because they have no worries.

This country has helped nobody with the handouts, they just keep holding people back in life...we have 3rd generations living in public housing, none of them was motivated enough to support themselves. The CULTURE has to be changed, it should not be looked upon as anything other than a failure.

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It's the kids who qualify for welfare...all welfare "reform" did was move the eligibility from the mother to the kids.

The poor...the minorities WILL destroy this country...THEY are breeding...WE are NOT. They've gone from 10% of the population in the early 1960s to 51 % today...THAT is what is dragging America down. In 30 years they WILL BE 80% of the population...at those numbers...America CAN'T recover.

We have 3rd generations of 3rd world blacks and Hispanics...lets get it straight. Why? They are a different species and they are incapable of success in a modern civilization. You can't replace a dog with a cat and expect it'll learn tricks as well. You can't replace a modern human with an archaic human and expect they will prosper in modern society.

GO into the minority slums and you will SEE just how DIFFERENT they are. Go into a black school and SEE what a waste of money it is trying to educate them like real humans are educated. Asians do well in school, whites do well in school. The blacks and Hispanics do NOT...not the 99% anyway.

Their "culture" needs to be destroyed and NOT embraced or encouraged. Listen to the rap lyrics...listen to their speeches...they HATE us...they BLAME us for ALL their problems...they KNOW they can never be us...never BEAT us...so they are breeding us out...at our expense...so one day THEY are the "boss". America WILL BE a Mexico II in 30 years. America is going to suck as it becomes a larger and larger minority majority. You arrogant bastards killed us.

"The tax bill Senate Republicans are championing would give large tax cuts to the rich while raising taxes on American families earning $10,000 to $75,000 over the next decade, according to a report released Thursday by the Joint Committee on Taxation, Congress’s official nonpartisan analysts."

Senate tax bill would cut taxes of wealthy and increase taxes on families earning less than $75,000 by 2027 - The Washington Post